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Rates Back in Line With 2017 Lows; 12 States Peak; 1 in 3 Metros “Overvalued”

Rates Back in Line With 2017 Lows; 12 States Peak; 1 in 3 Metros “Overvalued”

Mortgage rates moved lower today on a combination of factors. Chief among these were headlines over the weekend concerning more North Korean weapons testing--specifically, a detonation of its largest bomb ever on Sunday followed by reports from South Korea of another ballistic missile test by the end of the week. The threat of global nuclear conflict pushes rates lower because the bond markets that underlie rates can benefit from fear and panic. Investors seeking safe havens often move money into bonds, where higher demand equates to lower rates. US Treasuries are more readily able to benefit from this sort of "flight-to-safety" trading than mortgage-backed-securities (or "MBS"), which have the most direct influence on mortgage rates. Indeed most mortgages are being quoted at the same rates
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